March Trading Journals

Discussion in 'Trading' started by Hitman, Feb 28, 2002.

  1. tampa


    What a low, crude blow.

    You sir, are a jerk.
    #31     Mar 3, 2002
  2. Hitman


    No problem, it is honest opinion :)
    #32     Mar 3, 2002
  3. Rigel


    What a load of hogwash.
    You sound like a real gentleman, and your wife a real loydee.
    Wondrous truths, and manifold as wondrous,
    God hath written in those stars above;
    But not less in the bright flowerets under us
    Stands the revelation of His love
    "My wife says..." Bwaaaahahahaha
    #33     Mar 3, 2002
  4. tampa


    No it is not an "honest opinion". It was crude and uncalled for - without merit, and disgusting.

    If you were not offended, I am.

    The man is an ignorant jerk, period.
    #34     Mar 3, 2002
  5. Hitman


    ***For leverage? More than what's found in trading leveraged instrumaments like futures and options?***

    You can say that, I have 35K in my account and I can literally as much size as I want to intraday. I mean my DOT limit was 16 positions, 3000 shares, six months ago.

    Being a wuss I have never ever used even close to 1/5 of that. With my consistency, I know I can get 10K share positions if I want to, but why should I if I only took a 3K share position once in my entire career and dumped 2000 shares of it for a 2 cent loss? So no, it is not leverage I am looking for here.

    ***For consistency?***

    It is up to the trader, pro/retail who cares.

    ***For faster connection to the market and therefore more successful trading? Don Bright made that point in his seminar in NY a few days ago.***

    Well, since our firm charges no desk fees, I save quite a bit of money and hassle versus trying to come up with my own connections. Sure I do have a DSL at home but it is just $39 a month and I use it sometimes to play games online to release some of that stress.

    ***For capital - if you didn't have $25-30K to start a daytrading account? Worldco does seem to be kind to new traders and patient without asking them to put up too much capital to start with.***

    Let's be for real here, with 30K and 1/4 margin you will be able to barely play the game. As most lose more than 5K starting off even if they stick with 100 shares. At Worldco, that money you get to save and use it to pay your bills while you take very little pressure as you know the firm will back you up.

    For me, this no longer is a huge advantage, but still, it is good to know that someone is behind you in this business.

    ***For getting an edge through the firm's training and/or mentorship? Was that succesful in your experience - ie, did Worldco give you uniquely valuable training?***

    I learned a lot more from traders who just turned positive than those who has been trading for a few years and can care less if a newbie asks a question. Yes, early on it was very helpful, now, the stuff I want to learn is too precious for them to pass out to anyone.

    ***Something else? You are obviously happy there, there must be something - or, maybe all of the above.***

    A little bit of everything, but perhaps most importantly, this is the first firm that I ever spend more than 10 months in, as I have always looked for greener pastures at every place I worked. My hourly wages jumped from 5 to 8 to 15 to 20 to 25 to 30 during a span of 8 jobs in 3 years from age 18-21.

    I don't know, maybe I finally found loyalty for somebody, believe me I am the last person to show affection for a firm, I usually leave the second someone else offer something better.

    Yet at Worldco, I really feel like I am home (believe me, before I signed this deal I have contacted just about every firm there is and compared what they are offering), I really feel that there is almost nothing I can complain about as far as the way I have been treated. Some of the things, like offering me 0.8 cent per share when I am trading a little more than 600K shares roundtrip a month, like making me the youngest team leader in this industry, exceeded my expectations.

    For me, that is the kind of firm I would like to stay with. With the exception of big down days and nasty losing streaks, I feel good about coming into work every morning, as soon as I get into my seat, I feel like a commander about to send his troops for battle. I feel a level of comfort that I have not found anywhere else. It is almost the same way I feel about my princess, it is more than the sum of its parts for sure.

    And look, 16 months ago, Walter gave me a legit shot to become a trader, despite of the lack of a degree, despite of the lack of any capital, despite of my age at 20 years old. Even if he saw the potential in me, that he can convert me from a cuddly little puppy into a vicious hell hound to bite the market and competitors for him, even if he looks at me as nothing more than a zero risk commission machine, I still have to be thankful as no one else at the time took a chance on me. I was insulted by some guy at Tradescape ("go home buy the book written by one of our traders play with your own money get a degree", if they are heavily listed I would attack them before I touch anyone else, too bad they are primarily Nasdaq). If you read my journal, I had to do something for her, and I took a chance.

    Still too early to say whether my career at Worldco will be a smashing success or an unfulfilled prophecy, we will find out by 2010 for sure. I have not missed a single day's worth of journal entry since I started, I don't plan to, you will see blow by blow into either a top tier trader or a hot dog vendor.

    ***For the most part, however, percentages do the trick for this type of discussion, imo.***

    I am just curious how long have you been trading and any basic stats will be helpful, just so that I know what level you are currently on.

    As for styles, there is no free ride, I am determined to develop my own style. I know all the basic rules, give me time and I will work it out. Checking out 20 different styles helped, but now I have to play my own game.


    Just one note that it is not like I sold my soul to the firm, if I leave early I just take a 20% penalty from any profit (and looks like it will be a year before I see any) I get from my team, as most of the profit from the team is heavily deferred, as our firm learned a tough lesson after a big team leader left to start his own operation with no less 10 traders that make me look like some serious small potato.
    #35     Mar 3, 2002
  6. Speed,
    I must disagree with you and your wife. I think it's valid to say that Hitman has a right to express his thoughts, in any which way he desires.

    "Who is the princess anyways?" Speed, if you would use a teeny of your imagination, you would come to your own conclusions as to whom or what Hitman attributes as the "Princess". It's a f*#(ng metaphor.

    If your wife isn't a trader, then she's got NO rights to pass judgments nor comments on this 'traders' board'. Geez, I'd like to read her writing, and I betcha my bottom dollar, she will sound just like the ignoramus she married (!)

    Moreover, if you don't have anything original to say...then don't say anything. We are professional traders, here, and don't care to know hearsay bullsh*t. In other words, if your wife isn't a member, her thoughts mean NOTHING to the rest of us.

    The only thing I concur about anything you've said is the contract with Worldco. You're right about committing seven years with any trading firm, but it can't be half as bad as being married to someone as narrow-minded about the gay community as you - for eternity. I would take the seven years at worldco, in a heart beat!

    I read your review on the brokers ranking-page regarding Andover, and I must say that your behaviour speaks volumes about the type of people, with whom I don't want to commingle, within a trading environment. Thanks for shedding some light about your trading company, buddy! In which Andover branch are you?

    PS. Hitman, kudos to your style and level of professionalism even when facing antagonism from the likes of speedracer. I commend you. I was recently hired at Worldco, but I'm not very happy with my commission rate. I've been so tentative about all this...but, now, I'm even more determined to join forces with the, "Hit-team"!
    #36     Mar 4, 2002
  7. speedracer-
    are you an ex-broker?
    #37     Mar 4, 2002
  8. Fitz


    Actually, I used to think the same at first too. To my surprise, it's a real person. If you read his MSN board, you'll even be able to dig up a link to her picture.

    #38     Mar 4, 2002
  9. Really? That's interesting, Fitz! Would you provide us with the link?
    #39     Mar 4, 2002
  10. Fitz


    Sorry, no link. It was a long time ago that I ran across it.

    #40     Mar 4, 2002